Stockland divests $113m for retail assets

Property development company Stockland (ASX:SGP) has exchanged contracts to divest Stockland Bathurst Shopping Centre and Stockland South in Caloundra for combined proceeds of $113.1 million, reflecting a 5.3 per cent discount to the combined book value.

MD and CEO Mark Steinert says the divestments will release capital to help reshape the Commercial Property portfolio. They want to reweigh the national workplace and logistics portfolio to greater than 25 per cent of total assets primarily by progressing their $600 million pipeline.

The divestments will also contribute to their on market buy-back of up to $350 million of Stockland securities.

Shares in Stockland (ASX:SGP) are trading 0.14 per cent lower to $3.56

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.